How Much Does It Cost to Insure a Chevrolet Corvette?

How Much Does It Cost to Insure a Chevrolet Corvette?

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The market value for a 2019 Chevrolet Corvette will cost around $48,000, with average insurance rates of $4,933. This equates to about $411 a month. The cheapest insurer for this luxury vehicle is State Farm.

We analyzed the average auto insurance rates for a Chevrolet Corvette and its competitors. We also found the cheapest insurer for this particular car. It's important to compare insurance quotes across multiple insurers to find the best insurance rate for your Corvette.

Cheapest insurance company for the Chevrolet Corvette: State Farm

Our Chevrolet Corvette quotes from top insurers found that State Farm offered the cheapest auto insurance for the Chevrolet Corvette. To insure the 2019 Chevrolet Corvette Stingray, State Farm is $3,419 cheaper than Allstate, which is the most expensive large insurer for the Corvette. Progressive is the second-cheapest insurer, costing just $27 more a month to insure the 2015 Chevrolet Corvette Stingray 2LT.

This graph shows the cheapest auto insurers for the Chevrolet Corvette.
This graph shows the cheapest auto insurers for the Chevrolet Corvette.

Find Cheap Corvette Insurance Quotes

Currently insured?
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How much is insurance on a Chevrolet Corvette?

On average, the cost to insure a Chevrolet Corvette is $4,783 per year. Insurance rates will vary based on model year and vehicle value. Newer models are often more expensive, which is why you see the insurance rates steadily increase.

Out of the models surveyed, the 2015 Chevrolet Corvette was the cheapest to insure at $4,576. This is $357 cheaper to insure each year compared to the 2019 Chevrolet Corvette. Surprisingly, the cost for car insurance for a 2014 Chevrolet Corvette is nearly identical to the 2019 Chevrolet Corvette.

VehicleMarket valueAverage Corvette car insurance price
2019 Chevrolet Corvette$47,698$4,933
2018 Chevrolet Corvette$44,894$4,664
2017 Chevrolet Corvette$38,381$4,846
2016 Chevrolet Corvette$37,182$4,749
2015 Chevrolet Corvette$32,644$4,576
2014 Chevrolet Corvette$30,064$4,928

Insurance rates represent the annual cost of a full-coverage policy for a 30-year-old male driver for a Chevrolet Corvette Stingray 2LT convertible. The insurance rates were found from the top insurers in Los Angeles, New York, Chicago and Dallas.

Insurance data for a 2020 Chevrolet Corvette was not available, but insurance for a newer model is likely to cost more. The value of the Chevrolet Corvette is greatly impacted by the model year and type of trim, which can affect insurance rates.

Expensive trim options may result in higher insurance rates because they're more expensive to replace after a covered incident. However, if the trim offers better safety features, the insurance may cost less because the chance of an accident is lower.

For example, there's a $6,513 jump in market value between a 2017 and a 2018 Chevrolet Corvette Stingray 2LT convertible. But the cost of insurance dips slightly, which may mean the 2018 model has better safety features compared to the 2017 model. Drivers with safer vehicles will typically receive lower insurance quotes.

How Chevrolet Corvette insurance costs compare to other sports cars

Compared to other types of popular sports cars on the market, the Chevrolet Corvette Stingray's insurance rates are much lower than other luxury sports cars. The cost to insure a 2018 Dodge Challenger SRT Hellcat is substantially more expensive to insure at $7,721, or $3,108 more than the Chevrolet Corvette Stingray.

The Chevrolet Camaro ZL1 is $1,735 more expensive to insure per year than the Corvette Stingray.

This graph shows insurance rates for the Chevrolet Corvette Stingray compared to other sports cars.
This graph shows insurance rates for the Chevrolet Corvette Stingray compared to other sports cars.

Methodology

Our sample driver was a 30-year-old single man living in New York, Los Angeles, Chicago and Dallas, with a clean driving record. The rates represent the cost of a full-coverage policy, which is outlined below.

Coverage typeStudy limits
Bodily injury liability$50,000 per person/$100,000 per accident
Property damage$25,000 per accident
Uninsured/underinsured motorist bodily injury$50,000 per person/$100,000 per accident
Comprehensive and collision$500 deductible

Our data source, Quadrant Information Services, had insurance information for the Corvette Stingray. We used this data as a substitute, as we have determined that the Corvette Stingray is the most popular and powerful Corvette model since its introduction in 2014. This has been outlined when necessary. Chevrolet Corvette Stingray average market values were obtained from CarGurus.

ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes may be different.

Alexandria Bova

Alexandria Bova is a Technical Writer for ValuePenguin, primarily focused on the auto insurance industry. Her previous writing on personal finance topics covered the housing and job markets, education and healthcare, providing resources and advice to consumers looking to save, manage and make money. Alexandria's work has been previously published on MSN, Yahoo Finance and GOBankingRates.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.